TOYOTA MOTOR CORP. ADRs $106 (New York symbol TM; Conservative Growth Portfolio, Manufacturing & Industry sector; ADR’s outstanding: 1.6 billion; Market cap: $169.6 billion; WSSF Rating: Above average) reported that its North American sales in the six months ended September 30, 2007 rose 2.3%, due to strong demand for the new Tundra pickup truck and Prius hybrid compact. Sales grew 18% in Japan, and 8% in Europe.
Consequently, Toyota’s six-month revenue rose 9.3%, to $101.0 billion from $92.4 billion a year earlier. Earnings improved 18.8%, to $4.86 per ADR from $4.09 per ADR. (Each Toyota American Depository Share represents two of Toyota’s common shares.) North America accounts for about 40% of Toyota’s sales. Toyota’s sales in North America will probably slow in the second half of 2008. Florida and California account for 25% of its U.S. sales, so falling housing prices in these markets could force Toyota to rely on special incentives to keep inventories down.
However, rising sales in developing countries will help offset slowing North American sales. For example, Toyota currently has 5% of China’s car market, but it aims to double its market share by 2010.
Toyota’s ADR’s trade at 10.9 times the $9.70 per ADR that Toyota should earn in fiscal 2008. The $1.23 dividend yields 1.2%.
Toyota is a buy.
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